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Re:Predictions as a Substitute for Reviews by kqr on Wednesday August 12, 2020 @05:24AM (#24130003)
This feels like the sort of thing economists would latch on to: when in doubt, either create an auction to find out more about preferences, or make it a betting market to get a decent estimation.

It's also something I've read about recently, that we frequently make decisions implicitly based on probabilities and expected values, only we very rarely make these numbers explicit. If we did, we might act more rationally.

I like the idea of this a lot. I have trouble seeing how I would "get better" at predicting stuff solely through this, but perhaps forcing myself to think it through would be sufficient.

Re:Predictions as a Substitute for Reviews by bschne on Wednesday August 12, 2020 @07:18AM (#24130816)
> I have trouble seeing how I would "get better" at predicting stuff solely through this, but perhaps forcing myself to think it through would be sufficient.

I think the approach would work well in the "false positive" case, i.e. that you are always fairly certain some kind of activity is worth your time, but it ends up disappointing you every time.

On the flipside, if thinking through something makes you come up with a low expected value, you probably won't do it and won't know. But then again this can also be a pointer that you should maybe "dip your toes in" first and not commit too much time to something you don't see as promising.

Re:Predictions as a Substitute for Reviews by clairity on Wednesday August 12, 2020 @10:24AM (#24132322)
> “we frequently make decisions implicitly based on probabilities and expected values”

that’s all intelligence is, the ability to make predictions about the future. our subconscious does most of the work, which is why it’s not “explicit”. feelings are the bubbled up (non-numeric and fuzzy) results you’re looking for.

it’s not mathematical in situ. math is something we overlay on it to bring it to a conscious, external realm of understanding.

Re:Predictions as a Substitute for Reviews by jrib on Wednesday August 12, 2020 @08:46AM (#24131480)
> It's also something I've read about recently, that we frequently make decisions implicitly based on probabilities and expected values, only we very rarely make these numbers explicit. If we did, we might act more rationally.

Do you recall where? I'd be interested in reading it

Re:Predictions as a Substitute for Reviews by kqr on Wednesday August 12, 2020 @11:29AM (#24133034)
Most recently in The Undercover Economist by Tim Harford.

I can't give a full recommendation because it's recent enough that I'm still only about halfway through it, but overall it has been worth a read so far. (I found some chapters dull -- in particular the bits about the 2008 financial crisis have just not interested me -- but I have high hopes it will regain my interest again in the rest of the chapters.)